Zhitong Financial APP learned that Guosheng Securities issued a research report saying that it maintained the "buy" rating of 002609.SZ Technology and predicted that it would achieve an income of 15.98max 19.59 / 2.417 billion yuan in 2021-23 and a net profit of 1.87cm 2.56 / 351 million yuan.
The main points of Guosheng Securities are as follows:
As the leader of domestic parking system, it naturally has the basis to expand the operation of new energy charging.
According to the report "Jieshun Technology: smart parking Leader of BCG Strategy coordinated Development" released by the bank on June 15, 2020, the company has a market share of about 12.9% in the parking system market in 2019, ranking first in China, especially in the Pearl River Delta region where the company is headquartered.
In the face of the current trend of the new energy industry, on the one hand, the parking space gap is expected to persist, on the other hand, practical problems such as insufficient charging piles, difficult to find, damaged, unable to match, and difficult to build new charging piles in old residential areas bring car owners' charging anxiety. The bank believes that the company relies on the B-end customer group of the parking lot, which has the first market share in the country. Naturally has the basis to expand the new energy charging operation business (the company Interactive Yi disclosed on August 30, 2021 that it has cooperated with charging pile enterprises such as special calls and car stores, and some of the cooperative parking lots have opened up parking and charging services).
With more than 69 million C-side parking users, parking, charging and other businesses are expected to accelerate the improvement of C-end stickiness, and there is expected to be a major break in the business model.
According to the public information of the company Interactive easy on November 8, 2021, by the end of the third quarter of this year, the total number of users of Jet parking has reached more than 69 million (based on the business attributes of the company, the bank believes that the vast majority of users are car owners). The huge number of C-end car owners will become a strong foundation for the company to carry out charging business operations in the future, further opening up the parking space management and payment clearing functions of users' parking and charging business, and improving ARPU. Combining the advantages of low discount costs brought by the accelerated "purchase" business between the company and the parking lot (the company launched a 100 million yuan cash purchase parking duration plan on October 14, 2021) and more than 19000 online parking lots across the country (Interactive easy's data at the end of the third quarter of 2021 disclosed on November 8, 2021), it is expected to launch a paid discount package to the C side in the future, which will further enhance the stickiness of the C side. Achieve a major break in the business model.
Risk Tips:The risk of deterioration of accounts receivable; the management risk brought by new business; the deviation risk of assumptions and estimates, etc.